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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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Let me know know what you think of my proposals?

  • Emalou33
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26 Feb 08 #15104 by Emalou33
Topic started by Emalou33
Hi,

MPS hearing on Friday 29.02.08, dreading seeing x2b as I am still very emotional, and following sending an afadavit to the court detailing why I need addtional money until the ancillary relief is dealt with my husband and his solicitor have not responded. So I am really unsure about what to expect. He currently earns £3350 per month and is giving me £500 per month and paying half the school fees, i pay the other half (£300 per month). I am behind with a couple of bills and generally run out of money for food before the end of the month relying on handouts from relatives to see me through.

Anyway - cutting to the chase I am worried about runing up enormous solicitor bills and wondered what anyone thought of this. I need the equity in the house to either stay put or get somwhere cheaper in the local area. I could do with this being the case until my daughter goes to senior school, so my proposal is

All of house (30% of net equity would only be £10K) so I don;t think he will be too worried and have been told I could be awarded all of it of ew go to court due to 'need'.

Plus he pays all school fees £600 (he is currently paying £300)

Plus gives me £500/month to live on. (currently give me this)

This will be until July 2009, when Imy will leave juniors.

Then £500/month to house until she is finished in education (prob go to University, but base will be with me)

Once she has finished Uni I will not need anything from him, hopefully I will be able to stand on my own two feet by then.

I also need H to stay on mortgage until daughter goes to senior school so that I can stay put and improve credit rating.

I will not go for any of his pension, but also will keep all equity in the house.

Please let me know if you think this looks fair on the surface.

Key facts - H earns £55K plus 8.5K car allowance and rents flat £500/month also pays joint loan £285

I earn £31K, have 'marital' debts of £15K which I pay £500/month on and have a mortgage of £870 per month.

House worth £240K

net assets after all debt cleared 35K, 25K if we sell house as there is a redemption penalty of £30K

answers on a postcard please. :laugh:

love

Emalou
xx

  • Elizabeth
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27 Feb 08 #15141 by Elizabeth
Reply from Elizabeth
Hello Emalou,

On the face of it - looks pretty fair, particularly as the court will always put the welfare of any child of the marriage as a priority and your husband earns a lot more than you. You say you have "marital" debts of 15k - why do you deem them as just your debt? If they were accrued jointly during the marriage they will be treated as such. From my own very unhappy experience it is better not to go to court but sometimes this is unavoidable. Would you not be happier to go for a Clean Break? You don't say whether H has a pension but if so on either side this needs to be put into the assets schedule - pensions can be a huge bargaining tool - selling the house may not have to be an option, try and hang on to it if you can, or want to remain there. I always say, pay the mortgage and council tax and you won't lose the roof over your head or go to jail! Let me know how you get on. I am new to this site but have just gone to a final hearing so I have a pretty good idea of how the court's view things. Avoid costly letter writing to solicitors if you can!

  • attilladahun
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27 Feb 08 #15146 by attilladahun
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If he is paying CM at CSA levels + 50% of school fees long term it is NOT a SM case

  • Emalou33
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27 Feb 08 #15186 by Emalou33
Reply from Emalou33
Are you sure? I only ask as I could not afford to buy a reaonable property (2/3) bed in the area we currently live in with the debt we have and look after my daughter, and I earn less because i did not pursue my career to it's potential so that my husband could pursure his. Also, we have a redemption penalty on the house of £10.5K until 2017, so it is all a little bit complicated.

Thx

Emalou
xx

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